TL;DR
- Polkadot (DOT) remains in the red on a weekly basis following the recent market downturn.
- Nonetheless, some analysts are optimistic about the asset’s potential for significant gains in the near future and are adding it to their portfolios.
DOT’s next possible move
Polkadot’s native token, DOT, has fallen significantly during the recent market correction. The price fell 20% each week, briefly falling below $6. However, it has started to recover in the last few hours and is currently trading around $7 (up 7% in the last 24 hours).
One prominent cryptocurrency trader who has covered DOT’s recent price movements is X user FLASH. analyst assert The asset’s trajectory is “at its ugliest,” but the trend may soon change for the better.
FLASH assumed that DOT would either continue to decline in the near future or make an impressive rally towards $20. It looks like we’re rooting for the second option after the trader said he “bought the dip.”
As that beautiful market structure breaks down, it’s probably the ugliest chart I’ve ever seen! It’s ugly, I need to delete it quickly! Head & shoulder & ☠️ or … We see a bottom around 0.786 and we see a bottom in W2, which means V and Vol. soon!
I bought dip! pic.twitter.com/DG2VQdBYAc
— The Flash (@THEFLASHTRADING) April 14, 2024
Another famous analyst is Added Polkadot’s portfolio asset is Michael van de Poppe. He recently claimed that “there is fundamental progress” in the token, claiming that “BTC valuation has reached its lowest level.”
Previous DOT Forecast
Many other analysts have recently outlined their predictions for the asset. Last week, CRYPTOWIZARD suggested that DOT’s value was on the verge of a “volcanic eruption brewing.” them calculation If the coin overcomes the major resistance area at $9.60, the price will increase by 80%.
Crypto content creator Jake Gagain and X user CryptoYoddha also contributed their two cents. The former is expected to hit an all-time high sometime next year, while the latter predicted This summer it will increase to $20.
This post was written with support from Polkadot.
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